Options Traders Position for Microsoft Rally Pushing Higher

Microsoft Corp. shares, for years a laggard, have staged a sudden and sharp move higher in recent weeks.

Now some options investors are betting that a nearly 6% rally in Microsoft stock over the past two days is just the beginning as the tech company prepares to report fiscal third-quarter results next week.

Options traders Wednesday were betting Microsoft shares could double down the equity’s recent surge heading into the summer. Investors were picking up April and June call options, which look for shares to rise over the next 1 1/2 to 10 1/2 weeks.